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ghtazi

Seven ways for financial institutions to react to financial-technology companies | McKi... - 0 views

www.mckinsey.com/...financial-technology-companies

Financial technology banks

shared by ghtazi on 13 Feb 21 - No Cached
  • Financial-technology companies are changing the face of finance. Over the past ten years, what started mostly as disruption in the payments space has expanded to every corner of finance. Even areas once assumed to be safe are seeing new entrants and competitive threats. Wealth and asset management, wholesale banking, capital markets, regulation and risk (“regtech”), and trade finance are just the most recent areas to see innovation driven by small technology-first players.
  • Whether fintechs ultimately win or lose significant market share may be beside the point; they are redefining customer expectations and continue to create new business models. As fintechs are frequently building their entire technology stacks from the ground up, they are highlighting incumbent financial institutions’ weaknesses not only in digital user experiences but also in operational efficiency. Whether a new digital brokerage wins or loses may not matter when customer expectations around brokerage fees change. A retail foreign-exchange fintech having 5 or 50 percent of the market may matter less than retail FX margins disappearing for everyone. Whether the next crops of “neobanks” disrupt retail banking may be less important than their highlighting for users and customers the possibilities of a modern, digital-first experience.
  • f your downside potential from disruptive threats. Incumbents can choose to invest in companies they partner with or to focus on areas they know well or interesting adjacencies. We frequently advise clients to find ways of keeping corporate venture-capital groups slightly at arm’s length to attract skilled managers, and we recently have seen increased interest in investing in established outside managers who focus on financial technology. Transform yourself to be more like a fintech. Digital transformation is a difficult but necessary process for most incumbent financial institutions. Redesigning core infrastructure to be more modular and dynamic, driving a new agile operating model, and upgrading technology and workforce skills are all necessary to compete with outside threats, fintech and otherwise. Build your own (internal) fintech. The road for transformations is normally measured in years, but the competitive threat from fintechs is today. Increasingly, we are seeing financial institutions try to beat fintechs at their own game or self-disrupt areas of their business before others can. The key to success in new digital business building is to combine the agility, speed, and talent of a start-up with the “unfair advantage” of an incumbent by leveraging existing assets (e.g. customers, distribution, or infrastructure). Serve the fintechs. A few financial institutions can find their competitive advantage in creating scaled, efficient technology and operations to enable others to embed financial services in their customer experiences. This “banking as a service” business model depends on finding a profitable path to white labeling but draws on the inspiration of large tech platforms. Enabling the customer experiences of others has quickly moved beyond just enabling fintechs to also working with big technology companies, retailers, telecommunications companies, and beyond. Ignore fintechs. Although ignoring the competition is rarely the right choice, some businesses are built on moats—frequently regulatory—that are difficult to disrupt or they play within narrow markets. Companies should prioritize where they need to focus and in doing so know when they need to pay attention and when they need to avoid the distraction of disrupters.
    • samiatazi
      samiatazi on 13 Feb 21
       
      New competitors and competitive challenges are seen also in areas once thought to be protected. The most recent sectors to see innovation are wealth and asset management, wholesale finance, financial markets, taxation and risk. Fintechs illustrate the gaps of digital customer interfaces and organizational performance of incumbent financial institutions. In order to deal with the Fintech challenge, incumbents can attempt to follow a mix of seven alternatives.
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  • As we counsel the leaders of incumbent financial institutions, we often turn to seven potential reactions they can consider. Leaders can seek to pursue a combination of      these options: Buy a fintech. Strategic through-cycle M&A can be a powerful driver of growth even as valuations remain high, particularly among the most successful and largest fintech companies. Whether incumbents purchase a company for its traction (customer base, loan book), technology (user experience, core system, advanced data capability), or talent (engineering, product management, executive leadership), we frequently find that success depends on their developing strength in post-acquisition integration. Partner with a fintech. A carefully designed partnership can enable faster time to market and cost-efficient implementation, with the ultimate goal of enable enabling bottom-line business impact from accessing new customers or improving back-office processes. Invest in fintechs. Investing in fintech companies is frequently a way to learn more about the space and to hedge some o
  • Financial-technology companies are changing the face of finance. Over the past ten years, what started mostly as disruption in the payments space has expanded to every corner of finance. Even areas once assumed to be safe are seeing new entrants and competitive threats. Wealth and asset management, wholesale banking, capital markets, regulation and risk (“regtech”), and trade finance are just the most recent areas to see innovation driven by small technology-first players.
    • ghtazi
      ghtazi on 13 Feb 21
       
      what we can say is that even in the fintech world there is harsh competition, what once started as a disruption in the payments space has now been extended to every corner of finance. even the safest areas see new entrants and competitiveness. But even with all the pressure that they may encounter Fintechs always finds a way to redefine customer expectations and continue to create new business models.
sawsanenn

Ethiopay | F6S - 0 views

www.f6s.com/ethiopay

FinTech E-payments ethiopia Africa modernization

shared by sawsanenn on 11 Feb 21 - No Cached
  • As you may know, Ethiopia well Africa, in general, has skipped the laptop and computer phase of technology straight into the mobile phase of technology this is commonly known as the leapfrog model.
    • kenzabenessalah
      kenzabenessalah on 11 Feb 21
       
      I personally didn't know Ethiopia skipped the laptop and computer phase, therefore, the fact that it is succeeding in the mobile technology industry, makes a great story. This statement is important because it was able to help over 2.5 million Ethiopian families.
  • Ethiopay is a centralized global payout platform that currently enables users a simple and convenient way to transfer and/or purchase cross border bill pay, money transfer, mobile data, and mobile minutes between the United States and Ethiopia.
    • tahaemsd
      tahaemsd on 12 Feb 21
       
      Ethiopay is an emerging Fintech solution to adress the social and economic gaps
  • Our platform plans to use the leapfrog model to leverage our technology and give the 45 mill users around Ethiopia a new way to manage bills and provide the over 2.5 million Ethiopian diasporas in the United States a way to help their families
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      This excerpt is important because it shows how CEOs of ethiopay are willing to invest in the telecom infrastructure, and how Ethiopia has a great potential for e-payment and fintech developement
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  • Our Bill-Pay platform concentrates on the core monthly needs such as water, electricity, gas. But we also provide options to purchase Data, manage property payments, and even school tuition fees.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is very important because it highlights what the products and services proposed by Ethiopay serve for. It allows us to better understand what customers need Ethiopay for, which could prove to be very useful when designing products.
  • Ethiopay is a centralized global payout platform that currently enables users a simple and convenient way to transfer and/or purchase cross border bill pay, money transfer, mobile data, and mobile minutes between the United States and Ethiopia. As you may know, Ethiopia well Africa, in general, has skipped the laptop and computer phase of technology straight into the mobile phase of technology this is commonly known as the leapfrog model.
  • Ethiopay is an emerging FinTech solution to address the social and economic gaps left by established payment solutions. Deeply embedded in the communities they serve, the founders of Ethiopay have the combination of entrepreneurial drive, technical skill and through the Georgia FinTech Academy, the FinTech ecosystem support to thrive.
    • ghtazi
      ghtazi on 13 Feb 21
       
      Ethiopay is a platform that is used in Ethiopia to help the citizens a new way to manage bills and give an opportunity for Ethiopians living in the united states to help their families. they have a great combination of entrepreneurial drive and technical skills.
  • Ethiopay is a centralized global payout platform that currently enables users a simple and convenient way to transfer and/or purchase cross border bill pay, money transfer, mobile data, and mobile minutes between the United States and Ethiopia. As you may know, Ethiopia well Africa, in general, has skipped the laptop and computer phase of technology straight into the mobile phase of technology this is com
  • nouhaila_zaki on 13 Feb 21
     
    "Ethiopay is a centralized global payout platform that currently enables users a simple and convenient way to transfer and/or purchase cross border bill pay, money transfer, mobile data, and mobile minutes between the United States and Ethiopia. As you may know, Ethiopia well Africa, in general, has skipped the laptop and computer phase of technology straight into the mobile phase of technology this is commonly known as the leapfrog model. Our platform plans to use the leapfrog model to leverage our technology and give the 45 mill users around Ethiopia a new way to manage bills and provide the over 2.5 million Ethiopian diasporas in the United States a way to help their families. Our Bill-Pay platform concentrates on the core monthly needs such as water, electricity, gas. But we also provide options to purchase Data, manage property payments, and even school tuition fees."
mohammed_ab

Creating a Strategy for the New FinTech Ecosystem - Belatrix Software - 0 views

www.belatrixsf.com/...creating-strategy-fintech

Fintech Strategy M-Pesa Alliances

shared by mohammed_ab on 13 Feb 21 - No Cached
  • 1. Millennials squared – a parable of a digital wallet and beer moneyEarlier this year Sam Crowder stood up at a televised baseball game, and held a sign asking his Mum to send him “beer money”. He included his Venmo account information. Thousands of people sent him money, as his sign went viral. Beyond sharing this story as advice in case you ́re ever thirsty and leave your wallet at home, what it reflects is how the use of new technologies may start with digital natives, but then rapidly spread to other generations. It reflects the inter-generational adoption of, and use of, FinTech technologies.So, when looking at the potential of new services, it is important not just to consider the young people who will adopt it. But what will happen when they introduce the technology to their friends and family. Millennials are the earthquake that shakes companies, and adopt new tech and services at lightning speed. The rest of us are the tsunami of adoption that follows and lead to exponential growth.
  • 2. Facebook, Amazon, Google or Ant Financial will become the largest retail bank in the worldIt’s 2020 and to apply for a loan, instead of going to your local bank branch, you quickly ask Facebook for approval. This is far from fanciful thinking. Even as of today, PayPal is arguably one of the largest retail banks — it has more money in deposits than all but the largest 20 US banks, and offers services from payments, to loans and credit cards (albeit currently via partners). But we believe that one of the major tech companies, whether that is Facebook, Amazon, Google, or Ant Financial (the financial arm of Alibaba) will not only transform retail banking, but rapidly become the largest retail bank in the world.“Some bankers and analyststhink that Google, Facebook, Amazon or the like will not fully enter a highly regulated, low-margin business such as banking. I disagree. What is more, I think banks that are not prepared for such new competitors face certain death”Francisco González, CEO, BBVA
  • hese major tech companies have the platform and the scale to upend retail banking. They already have a digital wallet which underlies the services that enable users to buy and sell on their platforms, such as Google Wallet and Amazon Payments. Facebook Messenger Pay is already available in the US while it recently received an e-money license from the Central Bank of Ireland. This means European users will be able to store and transfer money, and make online purchases. The transition to becoming the largest retail bank in the world will be swift and brutal for traditional banks.
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  • 3. Regulators finally make the pivot to supporting the FinTech ecosystemBitX, a bitcoin startup in Singapore, was looking to enter the UK and European markets. Instead of having an arduous journey gaining the required licenses and approvals as it would have expected in the past, BitX was accepted into the regulatory sandbox of the UK’s Financial Conduct Authority. This enabled it to test its services and build its product with the backing of the regulator. This kind of thinking reflects how in the past few years we have seen regulators move from hindering innovation and new services, to proactively supporting and strengthening the FinTech ecosystem.It is a challenging line to take, particularly in the
  • world of finance – to help create the framework and environment for innovation, while also protecting consumers and businesses. However, increasingly we see regulators getting this blend right.For example, the European Union’s Directive on Payment Services (PSD2) will create an EU-wide single market for payments. This will drive new opportunities and innovation in the payment sector, because it will force financial institutions to provide secure access for a third-party service provider to a customer’s online account. Meanwhile, we have seen regulatory sandboxes emerge not just in the UK, but in locations from Singapore to Australia. The US Treasury meanwhile recently announced it will start issuing special purpose national bank charters to FinTech companies.In the future, expect to see the emergence of “RegTech”. This will enable real-time interaction and analysis between regulators and financial institutions. Indeed, thi
  • ch as in New York, London or Singapore. So, although the UK dominates the world of fintech (generating an estimated £6.6billion in FinTech related revenue), leading organizations are looking for inspiration among the innovative services, products and ideas being created from Guadalajara, to Laos, to Kenya.In many cases we can see that the unique financial environment of these locations is resulting in novel ideas. For example, Guadalajara based start-up Kueski uses a person’s digital footprint to assess their credit worthiness – a particular challenge in Mexico where credit is not available to large swathes of the population. In Latin America Tigo Cash is a mobile financial service which already handles more cash than many financial institutions in the region. We will see markets and services emerging which are currently not on anyone’s map, and become some of the most important financial organizations in the world.
    • samiatazi
      samiatazi on 13 Feb 21
       
      this article points out 4 expectations for the fate of FinTech and Financial services. However, I think that the most interesting one is the last one which states that The effect of FinTech advancement is frequently made and experienced outside the usual Hub of Finance, for example, New York, London or Singapore. Giant Companies are searching for inspiration among innovative and creative products, items and thoughts being made from Guadalajara, to Laos, to Kenya. I really like this part too, stating that We will see markets and administrations arising which are as of now not on anybody's guide, and become the absolute most significant Fintechs on the planet.
  • software platform between itself and the banks, so it can view and analyze information in real-time.4. Look beyond the hubs to find innovative ideasAcross Kenya, mobile money has become ubiquitous – being used by at least one person in 96% of Kenyan households. But what is the real impact of mobile money in such countries? One study estimated that M-PESA, the Kenyan mobile money system which enables money to be stored on a phone and be sent via text, has helped lift 2% of Kenyan households out of poverty.What this example demonstrates is that the impact of FinTech innovation is often created and experienced outside of the usual hubs of finance su
  • In the past few years we have seen the rapid evolution of FinTech from generating novel ideas which solve customer problems, to offering core financial services. We have seen the shift from digital startups, characterized by a lack of financial wherewithal and which operated on the edge of tightly regulated markets, to the emergence of mature financial digital organizations at the heart of the traditional financial world.We can describe the development and maturing of FinTech in 3 main waves:The early emergence of digital startups helping consumers. Originally FinTech solutions were the preserve of B2C markets which solved specific customer problems such as offering home loans faster and easier. They used new technologies such as mobile and cloud computing, and were characterized by a laser focus on the customer with all the hall-marks of a digital Silicon-Valley style start-up.Transition to B2B markets. Today FinTech plays a role at the core of B2B innovation in financial markets, and industry observers widely expect B2B FinTech revenues to dwarf those in consumer markets within the next couple of years. Organizations such as Currency Cloud (cross border B2B payments), Payoneer Escrow (escrow services), and Hummingbill (B2B invoice platform) all reflect a maturing industry.The creation of an ecosystem between FinTech and traditional players. FinTech organizations are realizing that the required go-to-market investment, economies of scale, and regulatory needs, means it makes sense to partner with traditional financial institutions. On the other side, established players recognize the value, innovation and potential of FinTech in a world which is increasingly mobile-first. These financial institutions are also adopting many of the methods that FinTechs use so successfully, from a focus on the customer, to using Agile software development, to holding hackathons, and forming accelerators and innovation programs.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      This excerpt is important because it shows the three waves that each fintech companies go through. Currently, most companies are still in b2b markets which an new innovative role in the financial markets; howver, not all companies are doing the same thing. Some of them still need a real bank ( Not virtual) to make transactions and don't trust softwares.
  • ch as in New York, London or Singapore. So, although the UK dominates the world of fintech (generating an estimated £6.6billion in FinTech related revenue), leading organizations are looking for inspiration among the innovative services, products and ideas being created from Guadalajara, to Laos, to Kenya.In many cases we can see that the unique financial environment of these locations is resulting in novel ideas. For example, Guadalajara based start-up Kueski uses a person’s digital footprint to assess their credit worthiness – a particular challenge in Mexico where credit is not available to large swathes of the population. In Latin America Tigo Cash is a mobile financial service which already handles more cash than many financial institutions in the region. We will see markets and services emerging which are currently not on anyone’s map, and become some of the most important financial organizations in the world.
    • ghtazi
      ghtazi on 13 Feb 21
       
      What this example shows is that beyond the usual finance hubs, such as in New York, London, or Singapore, the influence of FinTech innovation is also generated and experienced.
  • It’s 2020 and to apply for a loan, instead of going to your local bank branch, you quickly ask Facebook for approval. This is far from fanciful thinking. Even as of today, PayPal is arguably one of the largest retail banks — it has more money in deposits than all but the largest 20 US banks, and offers services from payments, to loans and credit cards (albeit currently via partners). But we believe that one of the major tech companies, whether that is Facebook, Amazon, Google, or Ant Financial (the financial arm of Alibaba) will not only transform retail banking, but rapidly become the largest retail bank in the world.
  • mohammed_ab on 13 Feb 21
     
    This article explains how the big e-commerce giant Amazon and the dominant social media platforms will become the largest retail banks in the future. I think that M-Pesa could benefit from strategic alliances or partnerships with these big giants.
sawsanenn

Frontiers | FinTech: A New Hedge for a Financial Re-intermediation. Strategy and Risk P... - 0 views

www.frontiersin.org/...full

FinTech Financial inclusion Strategies

shared by sawsanenn on 13 Feb 21 - No Cached
  • FinTechs and the Value Chains in the Financial IndustryIt is beneficial to remember how things worked before and after FinTechs and TechFins or big techs in the financial industry.Banking models are shifting significantly from a pipeline, vertical, paradigm, to modular solutions that pave the way to new banking paradigms that entail higher levels of openness toward third parties and a growing number of modular services bundled together.Value is created in platforms through economies of scope in production and innovation (Gawer, 2014). In order for platforms to work, adoption and network effects are essential. Models can go to mere compliance with the prescriptions of openness of PSD2, to the inclusion of new services, the opening of the banking core and data, and the aggregation of those within a platform experience. In particular, we assist both to the evolution of a Bank-as-a-Platform model and a tech-platform-driven model supporting banking and financial intermediation, which both constitute a new interesting field of analysis.Since the wave of digital transformation started entering the financial industr
  • , banking-as-a-business has started moving from a product/service perspective to more contextual solutions where providers are customer needs-driven. This is because customer-driven companies outperform the shareholder-driven ones, and this requires an outside-in approach.Having said that, it is beneficial to remember that digital transformation implies four main categories of innovation (product, process, organizational and business model) (Omarini, 2019, p. 340); all of them require rediscovering that a new strategy paradigm exists. This regards the concept of co-creation, and because of this no single firm can unilaterally carry out a process of continuous experimentation, risk reduction, time compression, and minimizing investment while maximizing market impact. Co-creation requires access to resources from extended networks (suppliers, partners, and consumer communities).Under these new market conditions, FinTechs have become an important piece of a bigger puzzle, each one in its own area of business (payment, lending, etc.), while at the beg
  • inning most of them started as mono-business companies. Only a few of them may become leaders in the market. On the one hand, there are those that make their strategy become international, and on the other, there are FinTechs which enlarge their services-scopes. However, the majority of them will become part of ecosystems where the direction could swing from banks to tech companies or to FinTechs as well, able to manage the network by developing kinds of conglomerate-as-a-service.Another interesting point to outline regards this recent period where all of us have experienced lockdowns around the world, and some effects have also impacted FinTechs as well. The valuations of most unicorns have crashed overnight, while on the FinTechs side there are different situations. Some of them have experienced a dramatic reduction in their
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  • strategy development process, especially when the various units and individuals in the network must collectively execute that strategy. The key issue is this: balancing act between collaborating and competing is delicate and crucial” (Prahalad and Ramaswamy, 2004, p. 197).If co-creation is fundamental to the industry, this needs to leverage on a wider customer perspective that requires introducing the idea of developing ecosystems where the customer is truly free to move and choose the best deal in more competitive markets able to let consumers' ability to make informed decisions against any possible market concentrations among market providers.A business ecosystem (Moore, 1996) reflects the new paradigm of competition in a better way. Traditional management models aimed at gaining competitive advantage, such as vertical or horizontal integration, economies of scale and scope, are not effective anymore. The value of today's companies is determined by the size of its ecosystem (Tewari, 2014). Business ecosystems consist in crossovers of a variety of industries, of which companies cooperate and embrace open innovation to satisfy new customers' needs an
    • samiatazi
      samiatazi on 13 Feb 21
       
      Digital transformation implies four main categories of innovation: product, process, organizational and business model. FinTechs have become a significant piece of a greater riddle, every one in its own zone of business. The victors are those that have sufficient liquidity and money to purchase great innovation. This is particularly valid for installments that will be progressively contactless. Individuals costs and per-client commitment edge are key elements, and important markers. The more wellsprings of incomes an organization holds, the better it is for it to be a FinTech.
  • evaluation, others were quite lucky and suffered less.There are many and different feelings on the way FinTechs will exit this situation, which as far as we understand has overall accelerated some strategic choices.First of all, there are many and different FinTechs in the market. What is critical is to look at the fundamentals of the business. All of them are about answering what society is going to look like in the future (attitudes, behaviors, habits, etc.), so that if we no longer need to go to retail stores anymore, why do we need some services based on this situation? This, again, underlines that banking is a people business (Omarini, 2015) and this requires a business to be resilient to become adaptive to consumer changes or moves into a different market where you can still apply the service because the society is not yet ready to shift somewhere else, which means the same business in different markets. Just think of the ongoing situation where the recent wave of people is rethinking and restructuring their finances, so that they have decided to switch rates to digital banks. In this scenario, the winners are those that have enough liquidity—or better still cash-rich—to buy good technology and invest in new directions, also taking the opportunity to use the pandemic to its advantage. This is especially true for payments that are going to be increasingly contactless. However, some more les
  • sons can be learnt from difficult times especially due to external factors such as the following:- People costs and per-customer contribution margin are key factors, and valuable indicators. They are valuable for incumbents too. When staff costs rise, then this becomes a burden if growth is not going to move on. Then, if we move on the per-customer contribution margin (revenue, minus variable costs including credit losses), then this makes a FinTech earn more money per bank account than the cost of running those bank accounts.- One more point has to do with the way a FinTech makes its revenues per customer, and net income is the figure to look out for here. This means that the more sources of revenues a company holds, the better it is for it. If we think of some of the best-known FinTechs, they gather their net income from interchange fees, ATM withdrawals, which can diminish during the pandemic, but gathering revenues from other sources such as lending, investing, or again from referring customers to third-party services, and earning commissions from these referrals.Under this oncoming market structure configuration, a focus on control and ownership of resources is giving way to the importance of accessing and leveraging resources through unique ways of collaboration. “The co-creation process also challenges the assumption that only the firm's aspirations matter. (…) Every participant in the experience network collaborates in value creation and competes in value extraction. This result in constant tension in the
  • One more point has to do with the way a FinTech makes its revenues per customer, and net income is the figure to look out for here. This means that the more sources of revenues a company holds, the better it is for it. If we think of some of the best-known FinTechs, they gather their net income from interchange fees, ATM withdrawals, which can diminish during the pandemic, but gathering revenues from other sources such as lending, investing, or again from referring customers to third-party services, and earning commissions from these referrals.
    • hichamachir
      hichamachir on 13 Feb 21
       
      Pula can benefit so much from expanding its revenues streams. It lets the customers use the product or service in different ways which can't make them feel lazy to use a specific way.
  • The emergence of new technologies and players, along with a favorable regulatory framework (PSD2 Directive), is changing the banking industry. FinTechs and TechFins have allowed the introduction of new services and changed the way customers interact to satisfy their financial needs. The FinTech landscape is constantly evolving in the market. Different business value propositions are entering the financial services industry, moving from increasing the user's experience to developing a time to market framework for banks to innovate products, processes, and channels, increasing the cost efficiency and looking for a “partnering on order” to lighten the regulatory burdens for banks. The many businesses of banks are changing their value chains, and banks' business models should do the same accordingly. Strategists could no longer take their value chains as a given; choices have to be made on what needs to be protected and maintained, what abandoned and the new on coming to make banks evolve and become more resilient in doing their job. Banking is shifting significantly from a pipeline, vertical paradigm, to open banking business models where open innovation, modularity, and ecosystem-based bank's business model may become the ongoing mainstream and paradigm to follow and develop. Opportunities and threats for banks are many and new ones to re-gaining their role in the market throughout a re-intermediation process.
    • ghtazi
      ghtazi on 13 Feb 21
       
      FinTechs and TechFins have enabled new services to be launched and changed the way clients communicate to meet their financial needs. In the industry, the FinTech landscape is continuously changing.
  • They have brought to the traditional banking industry a wave of competition and broken pipeline value chains, unbundling them into different modules of products or services, which may be combined among themselves. These companies on the one hand and the BigTechs (Google, Facebook, Apple, Samsung, Alibaba, etc.) on the other have been forcing the industry to change, transform, and evolve in a set of new financial intermediation directions. Use of data and customer experience are both FinTechs' major assets and threats as well. On the one hand, they please the customers as individuals and introduce the paradigm of contextual banking. On the other, the two selling points are threatening both the incumbent players and regulators in different ways. For banks, it is even more urgent to react actively because their “no fee zone” is expanding, due to new regulations from the Consumer Financial Protection Bureaus (CFPB) and similar entities in different countries.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      Since the digitalization wave entered the banking industry, financial institutions has begun to move from a product/service standpoint to more semantic alternatives where suppliers are pushed by customer needs. This is because the customer-driven firms outclass the investor ones, and this necessitates an outside strategy.
samielbaqqali

South Africa's $29+ Billion Mobile Wallet & Payment Market, 2016-2025 - Featuring Flick... - 0 views

www.globenewswire.com/...etPOS-SnapScan-and-Zapper.html

Fintech Payments Snapscan

shared by samielbaqqali on 11 Feb 21 - No Cached
  • The mobile payment industry in South Africa is expected to record a CAGR of 12.9% to reach US$ 29,424.3 million by 2025. The mobile wallet payment segment in value terms increased at a CAGR of 12.6% during 2018-2025.This report provides a comprehensive view on mobile payment / mobile wallet market size and growth dynamics, industry dynamics, retail spending, consumer attitude and behaviour, and competitive landscape in South Africa. The report focuses on data-centric analysis of mobile payment market dynamics to help companies understand business and investment opportunities along with risks.
  • The mobile payment industry in South Africa is expected to record a CAGR of 12.9% to reach US$ 29,424.3 million by 2025. The mobile wallet payment segment in value terms increased at a CAGR of 12.6% during 2018-2025.This report provides a comprehensive view on mobile payment / mobile wallet market size and growth dynamics, industry dynamics, retail spending, consumer attitude and behaviour, and competitive landscape in South Africa. The report focuses on data-centric analysis of mobile payment market dynamics to help companies understand business and investment opportunities along with risks. It details growth dynamics in 45+ market segments (600+ KPIs) across mobile commerce, mobile P2P transfer (domestic and international remittance), mobile lending, and a range of other payment avenues in South Africa.
  • hichamachir on 11 Feb 21
     
    In my point of view, the growth of the market size of mobile payment technology is kind of obvious because the world is heading towards a new generation of digitalization and companies are creating new technologies in order to dominate a certain market. SnapScan does offer a new technology which is QR codes and this technology does contribute to the development of the mobile payment technology.
  • samielbaqqali on 12 Feb 21
     
    The increase in mobile payment technology's market size is somewhat evident because the world is moving into a new age of digitalization and businesses are developing new technologies to dominate a certain market.
samiatazi

SnapScan rolls out 'frictionless' payment feature called SnapBeacons - Ventureburn - 2 views

ventureburn.com/...acon-payments-feature-first-sa

SnapScan SnapBeacons Fintechs South-Africa Innovation

shared by samiatazi on 11 Feb 21 - No Cached
  • South African payments startup SnapScan is today announcing its first major update since its QR code payments feature was popularised in 2013. The new payment channel, called SnapBeacons, is meant to provide users a frictionless alternative solution to pay for stuff. Instead of just being able to pay by scanning a QR code, SnapScan customers can now simply tap a button in the app to initiate the transaction via Bluetooth. A message on the customer’s phone will alert them when the option is available.
  • South African payments startup SnapScan is today announcing its first major update since its QR code payments feature was popularised in 2013. The new payment channel, called SnapBeacons, is meant to provide users a frictionless alternative solution to pay for stuff.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      Finally, SnapScan is offering a new payment option to its customers. I think this is a really brilliant strategy because they realized that their product might become old school, so providing consumers with an alternative payment method will draw them more to the company.
  • Instead of just being able to pay by scanning a QR code, SnapScan customers can now simply tap a button in the app to initiate the transaction via Bluetooth.
  • ...7 more annotations...
  • SnapScan is today announcing its first major update since its QR code payments feature was popularised in 2013.
  • “The key difference is essentially the ability to provide even more convenience and speed to
  • improve the payment process,” CEO of SnapScan Kobus Ehlers explained in a phone interview. “They can now complete the payment anywhere within the range of the store’s beacon.”The new functionality is already available at 30 SnapScan merchants in Cape Town and 20 others around the country which have iBeacons. See the list here.“If you have the feature enabled, and you walk into the range of one of these beacons, it’ll simply display a Pay Here button,” he explained. iPhone users will even have a Merchants icon on their lock screen which means that you don’t even have to open the app to pay.
  • South African payments startup SnapScan is today announcing its first major update since its QR code payments feature was popularised in 2013. The new payment channel, called SnapBeacons, is meant to provide users a frictionless alternative solution to pay for stuff. Instead of just being able to pay by scanning a QR code, SnapScan customers can now simply tap a button in the app to initiate the transaction via Bluetooth. A message on the customer’s phone will alert them when the option is available.
    • samiatazi
      samiatazi on 13 Feb 21
       
      I am amazed by the new release of SnapScan which is another installment channel called SnapBeacons through which Clients can basically tap a catch in the SnapScan application to start the exchange through Bluetooth. The installments startup is upheld by the Standard Bank-sponsored Standard Bank and is situated in Johannesburg, South Africa. Since it's an equipment based item, it might be viable with telephones like the iPhone 4S and up.
  • Several major international companies like Virgin Atlantic, Apple, Macy’s and Walmart are already adopting beacon technology and proximity-based products are a growing trend. “We’re the first in South Africa to roll this technology out and we want to see how we can improve the user experience accordingly,” Ehlers boasted.An added feature, not a pivot
  • Ehlers noted that from the beginning, the Standard Bank-backed company wasn’t tied to just QR codes. It’s always been looking at new technologies to make mobile payment processes better. “To that end, we constantly play with a whole host of different technologies in the payments channel, of which the one that really got us excited was iBeacons.”An added bonus, the CEO notes that SnapBeacons will only be available to those who are keen to try it out. You can disable the feature if you want to.Read more: From stores to the streets: SnapScan’s road to a cashless society
  • “We’ve decided not to turn it on by default because we’re quite sensitive that people may want to consider whether they want this feature and reassure themselves that it’s not a big change that will happen over night.” It’s worth noting that this isn’t a complete transition. In some occasions SnapBeacons will make sense, while in other, it won’t.Furthermore, because it’s a hardware based product, it will only be compatible with a certain range of phones like the iPhone 4S and up or most smartphones running Android 4.3 and up.
  • hichamachir on 11 Feb 21
     
    SnapScan is finally providing its customers with a new payment alternative. I think that this is a very brilliant strategy because they realized that their product might get old school, so providing an alternative payment possibility for the customers can attract them more to the company.
  • hindelquarrouti on 13 Feb 21
     
    It was a smart move from the Snapscan company to stay up to date and continue introducing new innovative features. After the introduction of QR code, now it has made an app, that allows transaction via Bluetooth ,available to customers in order to be more efficient and faster
ghtazi

Mukuru CEO - Using technology to serve the underserved - Intelligent CIO Africa - 0 views

www.intelligentcio.com/...nology-to-serve-the-underserve

Zimbabwe African Financial Inclusion

shared by ghtazi on 13 Feb 21 - No Cached
  • Biometrics is another sort of key differentiator in the space for increased security and ease of sign-up. Africa is ready for digitisation, and we have already seen good traction in SA with our Mukuru Card product. Mukuru is investing in technology to support customers as they digitise in the coming years, across our footprint.
  • Ensuring that the core stability and functional capability brought about by the technologies and coding languages mentioned earlier is of paramount importance. We are relaunching our app and that’s been built on the Flutter framework. The app is important because it allows for content rich customer engagements.It will also enable us to ingest/scan customer documents in real-time, process card payments securely so that customers can create and pay for orders in one step as opposed to two, as well as allowing for a host of additional customer facing services and capabilities to be deployed.The core DNA of our business is making sure that it’s super simple and that somebody with a feature phone is not precluded from using the service, because that is the essence of where our customer base is at, so we want modular technological capabilities that we can use in any conditions.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This article is important because it touches upon different facets of Mukuru, but the highlighted excerpts are very interesting because they enumerate the different technologies in which Mukuru is investing and the reasons behind such investmnents.
  • ...3 more annotations...
  • Mukuru has been at the forefront of technology launching a multitude of cutting-edge initiatives designed to solve problems for the African migrant diaspora.This year has seen it launch Mukuru Groceries – a service that is giving SADC based customers the ability to send groceries to their families and communities back home in Zimbabwe.At a time when many families are struggling to obtain basic commodities, Mukuru Groceries will help support Zimbabwe’s large diaspora in their quest to send critical financial resources to families back home.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      Even if Mukuru operates only in Africa, it creates new concepts that will make their services essential in the country. Mukuru groceries is a smart strategy, and it will help attracting more and more customers as it supports one of their vital needs.
  • Through our partnerships we have over 300,000 pay-in and pay-out points across Africa. We’ve partnered with major banks in all the territories we operate in – if we don’t have a licence, particularly at the outset of a product or service offering, in the country, then we have to use an authorised dealer bank. We work with the big retailers in South Africa, that have been exceptional at making their branch infrastructure with their footprint available to digital services. So we work with all the big retailers in South Africa and similarly so in other territories, so companies like Shoprite, Pick n Pay,Boxer, Spar, PEP, Massmart, complemented by mobile wallets like mPesa – a range of key names.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      Working with different partners across Africa can be beneficial to Mukura since they can expand their business in other countries besides the ones that they are already working with.
  • The company has also formed a partnership with WorldRemit, a leading global online money transfer service, to facilitate money transfers to Zimbabwe from across the globe. The partnership will be instrumental in bringing world-class financial services to Zimbabweans and generating new synergies for African financial inclusion
    • ghtazi
      ghtazi on 13 Feb 21
       
      in this excerpt, we can see that the company has a partnership with WorldRemit, which is a leading global online money transfer service, in order to facilitate the transfer of money for Zimbabwe from across the globe. which in my humble opinion will create and generate new synergies for African financial inclusion.
mehdibella

Summer Davos : DabaDoc représente le Maroc | Challenge.ma - 0 views

www.challenge.ma/doc-represente-le-maroc-112640

Fintech finance Morocco Dabadoc

shared by mehdibella on 11 Feb 21 - No Cached
  • The Moroccan company Dabadoc, the main African director of patient-healthcare relations, received the  2019 “  Technology Pioneer ” award, awarded by the World Economic Forum to selected companies among the most innovative in the world. Among the recipients of the title of “pioneers of technology” of the previous years, we find the biggest companies such as: Google, Twitter, Drubox and BNP .
    • samiatazi
      samiatazi on 11 Feb 21
       
      Receiving "Technology Pioneer" award by the World Economic Forum is an added value for the company and Morocco. Therefore, it shows the technological advancement and innovative approach the platform is based on.
  • Dabadoc will be one of the few companies in the Middle East and North Africa region to win this award and join a group of companies involved in the design and deployment of new technologies and innovations with significant impact. on their communities. “This year's pioneers know that technology is not just about innovation, it's also about application. That's why we believe they will shape the future, ”said Fulvia Montresor, Head of Technology Pioneers at the Forum, in a statement.
  • Dabadoc sera l’une des rares entreprises de la région du Moyen-Orient et de l’Afrique du Nord à avoir remporté ce prix et à rejoindre un groupe de sociétés impliquées dans la conception et le déploiement de nouvelles technologies et innovations ayant un impact significatif sur leurs communautés.
  • ...1 more annotation...
  • «Les pionniers de cette année savent que la technologie ne se limite pas à l’innovation, mais aussi à l’application. C’est pourquoi nous pensons qu’ils façonneront l’avenir »,
omarlahmidi

The Snapscan effect: how mobile payments made QR codes relevant in South Africa - Memeburn - 3 views

memeburn.com/...codes-relevant-in-south-africa

shared by omarlahmidi on 11 Feb 21 - No Cached
  • “Mobile payment systems are quickly becoming mainstream, and it will be fascinating to see how the more mechanical systems like QR Codes compete,” says World Wide Worx managing director Arthur Goldstuck. “Ideally, there should be room for any system, with each one finding its ideal niche. But there are no certainties in a sector that is moving so fast.”
  • According to new research from technology research company World Wide Worx, the format first took off in the country thanks to BlackBerry Messenger, where it became the quickest way to add a friend. In the past year however gained new life as mobile apps like SnapScan roped it in for payments at small merchants, flea markets and the like. By the end of 2014, the research says, more than 2.1-million South Africans were using QR Codes. Of those 1.1-million were male, with female users only marginally behind, at 1.04-million.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      It is not always simple to develop a new concept. The article showed that applications for QR codes were struggling at first, but I believe that in order to offer a new efficient service, you have to work on your concept and develop it, and SnapScan did an excellent job with that.
  • ability to provide speedy payments without the need for the large-scale tech investments required by the payment technologies emerging in more developed areas of the world.
  • ...4 more annotations...
  • According to the research, QR Code usage is strongly age-related, with 673 000 users in the peak age group of 25-34. In contrast, the 15-24 segment amounts to only 471 000, while 494 000 are aged from 35 to 44. A similar number (425 000) makes up the 45-65 age group. Usage drops significantly with retirement age: the 65+ age group comprises 88 000 users. One possible reason for QR code mobile payment solutions such as Snapscan, Zappa, and FlickPay being so popular in South Africa is their ability to provide speedy payments without the need for the large-scale tech investments required by the payment technologies emerging in more developed areas of the world. This is especially the case with Snapscan, which supplies its merchants with a point of sale QR code and a basic mobile phone to track payments. This has allowed it, for instance, to be rolled out as parking payment method in Cape Town’s congested CBD.
    • mbellakbail69
      mbellakbail69 on 13 Feb 21
       
      Mobile payment systems are becoming popular quickly and the more mechanical systems like QR codes are successful it will be interesting to see. Ideally, I believe that every system should be able to find its ideal niche. But in a market that is evolving so rapidly, there are no certainties.
  • Flash back a few years and things weren’t looking great for QR codes.
  • Over the last year however, that’s changed in South Africa, largely thanks to mobile payment apps like SnapScan.
  • According to new research from technology research company World Wide Worx, the format first took off in the country thanks to BlackBerry Messenger, where it became the quickest way to add a friend. In the past year however gained new life as mobile apps like SnapScan roped it in for payments at small merchants, flea markets and the like.
    • omarlahmidi
      omarlahmidi on 13 Feb 21
       
      SnapScan is a mobile payment that changed South Africa
  • hichamachir on 11 Feb 21
     
    Creating a new idea is not always easy. The article showed that QR codes apps were struggling at first but I do believe that you have to work on your idea and improve it in order to deliver a new efficient service and SnapScan did an amazing job with that.
  • hindelquarrouti on 13 Feb 21
     
    SnapScan made a good move in introducing Fintech to developing countries through using QR codes as they don't necessarily require large-scale tech investments that are used in developed area.
  • chaimaa-rachid on 13 Feb 21
     
    In the article, we notice that QR codes struggled at first, but in the end, they did a good job in developing and making their platform better and attractive.
sawsanenn

Visa, Nigeria's Paga Team For Global FinTech | PYMNTS.com - 0 views

www.pymnts.com/...sa-nigeria-paga-global-fintech

Nigeria FinTech E-payments

shared by sawsanenn on 13 Feb 21 - No Cached
  • “We are excited to partner with Visa, a leader in payments globally, as they are constantly building world-class solutions for consumers and businesses. Our goals are well-aligned. As we scale our wallet across emerging markets such as Nigeria, Mexico and Ethiopia, partnering with Visa to give both consumers and businesses, who have been underserved, access to Visa’s global network made sense to us,” the company said in a press release.
    • ghtazi
      ghtazi on 13 Feb 21
       
      I believe that this collaboration is a plus for both companies. It will help VISA to concur Africa and it will help Paga to reach new horizons.
  • Share Tweet Share Share Share EmailVisa is partnering with the Nigeria-based startup Paga to bring payments technology to Africa and abroad, according to reports on Monday (March 9).Paga has created a multi-channel network that enables more than 14 million Nigerian users to transfer money, make payments and shop digitally, either through its mobile app or via its 24,840 agents. The payments platform acts as a mobile wallet, giving users the power to electronically transfer money and make mobile payments.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it presents the user base of Paga, which amounts to 14 million Nigerians. The excerpt also briefly introduces the main services and products offered by the start-up.
  • Although Visa’s partnership with Paga doesn’t include a monetary investment, the collaboration aligns with the company’s strategy to expand across Africa and work with the continent’s top startups. The move is expected to drive larger payment volumes for both firms.“We want to digitize cash – that’s a strategic priority for us. We want to expand merchant access to payment acceptance and we want to drive financial inclusion,” said Otto Williams, head of strategic partnerships, FinTech and ventures for Visa in Africa. “Based on the partnership, we’re going to launch QR codes and NFC [payments] into the market in Nigeria – alternative ways of receiving payments than bringing out a physical card.”
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it introduces the partnership between Visa and Paga and what that entails for the latter. The collaboration is expected to be a first move towards an expansion of Paga in the African continent, and as a great opportunity to further advance with the financial inclusion mission of Paga.
  • ...1 more annotation...
  • The partnership gives Paga account holders the ability to transact on Visa’s global network, and will also see both companies work together on technology developments. The arrangement will bring new merchant options to Paga’s network.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      this excerpt is important because it shows the good side of this partnership which will bring new options to both companies
ghtazi

Fintech and Banks: Four Ways Banks Can Respond Better | Toptal - 0 views

www.toptal.com/...fintech-and-banks

Fintech technology Financial

shared by ghtazi on 13 Feb 21 - No Cached
  • The response by banks right now to fintech disruption is critical due to the current stage of the nascent industry’s development. Fintech startups are broadly focused on the concept of unbundling banks, offering one type of product/service and concentrating on doing it VERY well.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      This response might/ can change if they adopt this digital strategy. Not only it will help banks with better customer services and reduce their prices which can attract more costumers, besides there is also better branding. This last advantage does attract many customers since they search for innovative products.
  • Fintech, shortened from financial technology, is assumed to be a modern movement, yet the use of technology to assist financial services is by no means a recent phenomenon. Financial services is an industry that introduced credit cards in the 1950s, internet banking in the 1990s and since the turn of the millennium, contactless payment technology. Yet, fintech’s place in the public conscience has really taken off in the past three years:
    • ghtazi
      ghtazi on 13 Feb 21
       
      Fintech is considered to be a new trend, shortened from financial technology, but the use of technology to support financial services is by no means a recent phenomenon. Financial services is an industry that introduced contactless payment technology to credit cards in the 1950s, internet banking in the 1990s, and after the turn of the millennium.
mehdibella

FarmDrive LTD | F6S - 0 views

www.f6s.com/farmdriveltd

Fintech Farmdrive kenya

shared by mehdibella on 07 Feb 21 - No Cached
  • FarmDrive is a tech-driven social enterprise working at the intersection of technology, agriculture and finance. FarmDrive is improving the livelihoods of smallholder farmers in Africa by using new technology and alternative data to increase availability of capital; mitigating both financial and operational risks while creating shared value for other players in the value chain.
    • hibaerrai
      hibaerrai on 07 Feb 21
       
      FarmDrive gives the opportunity to smallholder farmers to extract loans and have access to different financial services to manage their small businesses.
  • FarmDrive understands smallholder farmers uniquely through dynamic datasets and translates this to financial institutions. More than 50 million smallholder farmers in Africa are struggling to make a living due to lack of capital to improve their farming activities.
  • FarmDrive has developed a platform that gathers data on smallholder farmers both from the ‘ground’ and ‘data from the sky’. FarmDrive uses sophisticated algorithms to turn that data into comprehensive credit profiles of “unbanked and underbanked” smallholders who have little access to credit.
    • mehdibella
      mehdibella on 13 Feb 21
       
      this solution is a catalyst to reduce the operational costs while increasing operational efficiencies. The platform allows them to do so by using modern technology, and an immense amount of data captured by the solution interfaces.
  • ...1 more annotation...
  • The solution is a catalyst to reduce the operational costs while increasing operational efficiencies. Whether credit providers are seeking to better minimize their credit risk exposure, digitize their loan application processes, or streamline their new client outreach, the FarmDrive platform allows them to do so by using world-class algorithms, modern technology, and an immense amount of data captured by the solution interfaces.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      FarmDrive solution presents a win-win situation for both financial and credit institutions and farmers; from mitigating risk to having access to financing and increasing performance and operational efficiency.
  • kenza_abdelhaq on 13 Feb 21
     
    "The solution is a catalyst to reduce the operational costs while increasing operational efficiencies. Whether credit providers are seeking to better minimize their credit risk exposure, digitize their loan application processes, or streamline their new client outreach, the FarmDrive platform allows them to do so by using world-class algorithms, modern technology, and an immense amount of data captured by the solution interfaces."
mbellakbail69

Fawry | IBM - 3 views

www.ibm.com/...ware-flashsystem-power-systems

shared by mbellakbail69 on 07 Feb 21 - No Cached
  • Fawry now supports millions of transactions daily for consumers and business through more than 90,000 locations (including groceries, pharmacies, stationaries and post offices), as well as through multiple alternative channels, including online, ATMs, and mobile wallets. The company’s client base and service offerings continue to expand, leading to rapid data growth. Abbas comments: "Our data has doubled in just the last eight months, and we expect it to grow even faster in the years to come.”
  • The technology offers data compression and deduplication features that enable Fawry to boost utilization of storage resources. Abbas adds: “IBM FlashSystem A9000R offers much greater performance than our previous storage platform, meaning that we get both optimized data economics and short response times. We were able to achieve a seamless migration to the new platform with zero downtime.”
  • Each day, Fawry processes 2 million financial transactions, giving Egyptians an easy, secure payment alternative to the complex, time-consuming procedures that are the norm. To help grow customer satisfaction and speed the roll-out of new services, Fawry deployed IBM® Storage, IBM Db2® and Oracle database on IBM Power Systems™ solutions.
  • ...6 more annotations...
  • With a population of over 100 million people, Egypt is a land of opportunity for consumer services providers. In a country where payment procedures are often slow, fragmented and complex, Fawry identified a gap in the market for a simple, secure omnichannel payment gateway.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt is important because it introduces the need that Fawry was created to tackle and the market gap that it saw as an opportunity to prosper. It is very important to understand the core problem around which Fawry services were designed, in order to be able to design and develop strategies that are faithful to this same goal.
  • Fawry now supports millions of transactions daily for consumers and business through more than 90,000 locations (including groceries, pharmacies, stationaries and post offices), as well as through multiple alternative channels, including online, ATMs, and mobile wallets. The company’s client base and service offerings continue to expand, leading to rapid data growth. Abbas comments: "Our data has doubled in just the last eight months, and we expect it to grow even faster in the years to come.”
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      Fawry strives to make the life of their customer simpler. They have an e-commerce solution that links sellers to buyers that provide different methods of payment.
  • Fawry Putting Egypt on the global digital payments map
  • The company’s success is built on delivering consistently fast, dependable services alongside continual innovation. Seeing an opportunity to do more with its data, Fawry evaluated its technology infrastructure to ensure it was ready for the next phase in its evolution.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      Fawry focuses on fast and dependable services based on innovation. The company also works on making better use of the data collected to make informed decisions; while keeping in mind the importance of a good technology infrastructure ready for the implementation of any new phase.
  • Haytham Abbas, Infrastructure Director at Fawry, picks up the story: “When we launched in 2008, the average household had to deal with around 13 separate utility and service providers. Since they typically had to set up payments with each service provider separately, often by visiting a branch, this was a lot of hassle. We created an omnichannel digital payment network to make life easier for consumers and the businesses that serve them.”
  • Fawry has a long history with IBM, having chosen IBM solutions to underpin its business again and again over the last decade. The company relies on both IBM Db2 and Oracle database software running on IBM Power Systems to support its bespoke electronic financial platform, processing 2 million transactions per day. “Together, IBM Db2, Oracle database and IBM Power Systems solutions give us the ability to process huge transaction volumes,” comments Abbas. “They provide a powerful foundation for our business, and have scaled seamlessly as we’ve grown.”
    • mbellakbail69
      mbellakbail69 on 13 Feb 21
       
      To ensure that it selected the best offerings on the market for its latest refresh, the company's IT team undertook a thorough evaluation of storage and server options from multiple vendors.
  • chaimaa-rachid on 07 Feb 21
     
    Fawry aims to make their client's life easier. They have an e-commerce solution that connects sellers with buyers offering various payment methods.
  • ...1 more comment...
  • hichamachir on 12 Feb 21
     
    The success of the compnay relies on its partnerships. Fawry's partnership with IBM is brilliant because IBM can offer Fawry some advanced technology that can help improve the business.
  • hindelquarrouti on 13 Feb 21
     
    Fawri is a secure alternative to the traditional procedures. It is user friendly and Egiptians are benefiting from it.
  • kenza_abdelhaq on 13 Feb 21
     
    "The company's success is built on delivering consistently fast, dependable services alongside continual innovation. Seeing an opportunity to do more with its data, Fawry evaluated its technology infrastructure to ensure it was ready for the next phase in its evolution."
sawsanenn

Visa partners with Paga for payments technology | FinTech Alliance - 0 views

fintech-alliance.com/...technology

Nigeria FinTech E-payments

shared by sawsanenn on 13 Feb 21 - No Cached
  • Paga account holders will now be able to transact on Visa’s global network. Both companies will work together to develop technology and aim to drive larger payments volumes for both companies. The partnership also reflects Visa’s priorities in Africa.
    • ghtazi
      ghtazi on 13 Feb 21
       
      with the partnership of VISA and Paga, paga's account holders will be able to make purchases across the worldwide Visa network. Both businesses will join their strengths and work together to improve technologies and strive to maximize payment volumes. The relationship represents the goals of Visa in Africa as well.
  • In Brief: Paga was founded in Lagos and scaled in West Africa. It has a multichannel network for 14mn customers in Nigeria. People can use the tool to transfer money, pay bills and buy things digitally through the mobile app or agents.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This excerpt does a good job in quickly introducing Paga and the partnership with Visa. The most important idea to extract is that thanks to the partnership with Visa, people can transfer money, pay bills and purchase digitally through the mobile app or agents.
  • Paga account holders will now be able to transact on Visa’s global network. Both companies will work together to develop technology and aim to drive larger payments volumes for both companies. The partnership also reflects Visa’s priorities in Africa.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      this partnership with visa will allow paga's users to make more transactions and can attract visa's customers to use paga as well
nouhaila_zaki

What Kenya's mobile money success could mean for the Arab world - 1 views

www.worldbank.org/...-could-mean-for-the-arab-world

M-Pesa Kenya Arab World

shared by nouhaila_zaki on 12 Feb 21 - No Cached
  • For a successful model, the Arab World can look to Kenya’s development of mobile money or “M-Pesa”. In many ways, the elements that lead to M-Pesa’s success in Kenya are already present in the Arab World. Young people in MENA are digitally savvy, are active on social media and are some of the heaviest users of mobile phones in the world.
    • hichamachir
      hichamachir on 12 Feb 21
       
      M-Pesa can influence many countries to believe in the power of technology and innovation. I think that embracing the entrepreneurial lifestyle can help many countries to innovate and create successful business and M-Pesa is a great example.
  • The growth of M-Pesa is the result of many factors, including the ease of setting up an account (which is free and only requires an official ID), its simplicity of use, its affordability, the high literacy rate of the population, and the high penetration of mobile phones.Another key element to M-Pesa’s growth worth emphasizing is the regulatory stance adopted by the Central Bank of Kenya (CBK). It decided not to oppose the entry of the telecom operator into the financial sector as long as it offered sufficient guarantees. CBK adopted an “above the fray” position as a regulator and allowed for experimentation in order to foster innovation.
  • The successful adoption of M-Pesa in Kenya reverberated across the African startup scene. It acted as a catalyzer and a signal for young entrepreneurs in Kenya and Africa as a whole: revolutionary ideas could be successfully implemented in Africa and generate both business opportunities and a development path for local communities.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      M-Pesa will influence many nations to believe in the potential of creativity and technology. I think it will help many countries to innovate and build effective companies by adopting the entrepreneurial lifestyle, and M-Pesa is an excellent example.
  • ...1 more annotation...
  • A MENA perspectiveMENA could easily follow in Kenya’s footsteps, and reap immense benefits. The adoption of mobile payment systems makes transactions cheaper, easier and safer. By simplifying how clients can pay for goods and services, it helps firms reach out to new customers and foster private sector development across the economy. Moreover, as is often the case with innovations, it has the potential to be built upon and used by other new technologies and to create a positive momentum in fintech as a whole.Governments in the Middle East and North Africa should enable digital innovation with conducive regulations and the development of a regulatory ‘sandbox’, which guarantees the security of transactions but allows for experimentation, that would stimulate the development and adoption of disruptive innovations.Today, economic connectivity is achieved by the development and harmonization of optic fibers, IT equipment, online payment systems, information transmission and data protection policies. If the MENA region puts sufficient efforts in this direction, it could propose a new path to its citizens, in particular the youth, and bring about a new development strategy adapted to the modern age.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This except is very interesting because it touches upon the way in which M-Pesa could benefit MENA societies. It encourages MENA governments to legislate in favour of innovation and digital products in order to propose a new development strategy that befits the modern age.
  • mohammed_ab on 12 Feb 21
     
    I think that this article has some great information on how to replicate the success story of M-Pesa in the Arab World. I think that the Arab World is in need of such service to facilitate the life of unbanked people, and especially women. This article also highlights the importance of having a lenient regulatory system.
tahaemsd

mpesa_d_1540.pdf - 0 views

DIIGO_FILE_HOME/8474o/85kx

fintech payments technology online

shared by tahaemsd on 11 Feb 21 - No Cached
  • tions (number years to reach 80% coverage) 5 One of the reasons mobile phone technology has spread quickly is that it has followed other technologies that may have eased the way. Figure 2 confirms this sequencing property is likely at work, at least in the US: many of the new technologies that were introduced before about 1950 (with the exception of radio) were relatively slow to diffuse through the population, whereas those introduced in the second half of the century saw generally steeper adoption rates. Nonetheless, the speed of adoption of cell‐phones, especially in the developing world, remains unprecedented. Figure 2: Technology adoption is getting faster 6 5 Data from World Bank. 6 Source: New York Times, February 10, 2008. 0 20 40 60 80 100 120 140 Railw
ghtazi

Financial Services & Banking Technology | JUMO - 0 views

www.jumo.world

Jumo risks technology cost-effective

shared by ghtazi on 07 Feb 21 - No Cached
  • Get the ability to provide banking services to people who were previously unreachable, thanks to a lower cost of risk and the ability to accurately predict future behaviour.
  • Unlock the value of individuals’ digital footprints and power a generation of entrepreneurs, small businesses and communities with real financial choice.
    • kenzabenessalah
      kenzabenessalah on 07 Feb 21
       
      JUMO not only provides fast, secure, and cost-effective financial services, but it is able to give an opportunity to entrepreneurs who are new to the market to invest and make money.
  • Credit Our lending products give entrepreneurs quick access to funds or asset finance. The loan amount, life cycle and repayment method can be configured to fit the needs of the individual. Savings JUMO builds and operates short-term, structured and long-term savings products that bear interest. They’re available to anyone who needs a safe place to store and grow their money. Insurance JUMO is able to work with underwriters and insurers to create standalone or wrapped insurance products to safeguard incomes, families, assets and businesses, no matter how small. Points We’re developing a white label points programme that can be used as a tool to drive and incentivise mobile transactions and empower people to build a personal, digital financial profile.
    • ghtazi
      ghtazi on 08 Feb 21
       
      in this article, we can see all of the financial services that jumo is offering. they presented a new wave of financial products such as credit, saving, insurance, and points. this website shows us how Jumo has redefined the banking service for a mobile, digital age, and has built a full technology stack to create financial services for everybody.
  • ...2 more annotations...
    • aminej
      aminej on 09 Feb 21
       
      This website shows that JUMO is a service that provides insurance, savings and lendings to entrepreneurs in developping countries. There are five different types of services like credit, savings, insurance and points for loyal customers. It is a very safe service backed with advanced data engine and end to end banking technology. Finally, their main customer target are entrepreneurs and people who want to start their own business and who own a phone.
  • This cloud and AI-powered technology stack connects banks with traditionally inaccessible customers in cost-effective, low-risk and responsible ways. Today our partners deploy loans, savings and insurance services from Africa to Asia, helping entrepreneurs in emerging markets to grow and prosper.
    • ghtazi
      ghtazi on 13 Feb 21
       
      in this article, it shows that JUMO ensures security and low risks to its customer. it aims to deploy loans, savings, and insurance services from across the globe so that it can help entrepreneurs with their projects in emerging markets.
kenza_abdelhaq

Finalists Named for the 2020 TAG Fintech South Innovation Challenge - TAG Online - 0 views

www.tagonline.org/...ech-south-innovation-challenge

Ethiopay Ethiopia Payments recognition

shared by kenza_abdelhaq on 13 Feb 21 - No Cached
  • Applications were submitted by companies across the region. The 10 finalists include: Artis Technologies, LLC – modern financing made simple through an embedded financial services platform for digital lending and real-time payments EnrichHER – offers funders the best selection of vetted investment opportunities in companies that have women in leadership roles, while cultivating a thriving ecosystem of New Majority businesses Ethiopay – safe and convenient way to pay loved ones’ bills from anywhere in the world Finosec – IT and cybersecurity management platform for the banking industry Griffin Technologies – customer intelligence platform that provides banks modern day context on new and existing customers Immediate – helps businesses recruit, engage, and retain employees by providing a financial wellness solution that delivers on-demand access to earned pay InvestGuard – technology-enabled exchange for independent PE sponsors Lendsmart AI – AI-enabled technology platform transforming the homebuying process Ryze – Bitcoin-first financial institution, starting with the most powerful way to save and accumulate Bitcoin VIVA Finance – improving employees’ financial well-being through an affordable lending program and financial education
  • At the conclusion of the program, the startups will present to a panel of investors during Fintech South’s Investor Preview event on Monday, Oct. 5. The top three companies will hit the virtual conference’s main stage for a chance to win $25,000.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This article is important because it shows that Ethiopay uses competitions in order to 1- Get financing, 2- Earn regional and international recognition for winning a prestigious competition, 3- Use this competition as a marketing opportunity.
  • ...2 more annotations...
  • Ethiopay – safe and convenient way to pay loved ones’ bills from anywhere in the world
    • ghtazi
      ghtazi on 13 Feb 21
       
      ethiopay is in the top three companies that will hit the virtual conference's main stage for a chance to win 25 000 dollars. which shows us how Ethiopay is invested in what it's doing.
  • Technology Association of Georgia (TAG)  announces 10 startups selected for the Fintech South Innovation Challenge 2020 class. Beginning Sept. 3, the companies will participate in a four-week virtual Education and Mentoring program, which aims to accelerate early stage fintech companies in the region through instruction and mentoring
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      Ethiopay is selected as a finalist for the 2020 Fintech South Innovation Challenge.
sawsanenn

Is M-Pesa really Kenyan or British? - 1 views

www.iafrikan.com/...m-pesas-origins

Financial inclusion FinTech Service Africa Kenya

shared by sawsanenn on 12 Feb 21 - No Cached
  • Hailed as the “Kenyan technology success story”, many have claimed M-PESA to be a testimony to the greatness of the East African country’s technology scene, producing world-class technology companies that rival those in South Africa. However, is the acclaimed mobile money service really Kenyan at all? The answer is no. M-PESA is British.
    • hichamachir
      hichamachir on 12 Feb 21
       
      M-Pesa can be a british company but it's becoming part of the Kenyan culture. It's not important whether it's British or Kenyan, the most important thing is that M-Pesa revolutionized the Kenyan economy and played a huge role to develop the financial industry in Kenya.
  • By any stretch of the currently available facts, the service that accounts for more than 60 percent of Kenya’s GDP in transactions was conceived by British professionals. The company commissioned with developing the idea, Sagentia, into a workable technology was British. Additionally, the company that owns the intellectual property rights to the idea, Vodafone, is British and, lastly, it was funded in its initial stages by the British Government.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      M-Pesa may be a British business, but it is becoming a part of the culture of Kenya. Whether it's British or Kenyan, the most important thing is that M-Pesa has revolutionized the Kenyan economy and played a major role in the growth of Kenya's financial sector.
  • Despite this certificate being awarded in 2012 and being stated as being in the LITERARY category, Ouko insists he is the original M-PESA innovator and further elaborates by saying that he has been “trying to Patent a Money Transfer system way back in 2003”. Even though he says that he believes many more Kenyans contributed to the innovation and development of M-PESA without recognition or reward, he writes, “Even though I currently believe I am the one, I start this with an open mind. If another person or firm comes forward with compelling proof I am ready to step aside and support that person.”
  • ...2 more annotations...
  • Nyagaka Anyona Ouko, a Kenyan from Nairobi, claims he is the innovator of M-Pesa and claims that Vodafone and its representatives stole the idea of Mobile Cash Transfer from him.
    • ghtazi
      ghtazi on 13 Feb 21
       
      there is a lot of perspectives about the fact that M-Pesa is not really a Kenyan product but a British product. Nyagaka Anyona Ouko, a Kenyan from Nairobi, claims he is the innovator of M-Pesa and accuses Vodafone of plagiarism. but the story vanished quicker than it appears.
  • By any stretch of the currently available facts, the service that accounts for more than 60 percent of Kenya’s GDP in transactions was conceived by British professionals. The company commissioned with developing the idea, Sagentia, into a workable technology was British. Additionally, the company that owns the intellectual property rights to the idea, Vodafone, is British and, lastly, it was funded in its initial stages by the British Government.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      This excerpt is important because it shows how M-Pesa helped in the economic growth of Kenya. They also helped in expanding the fintech culture in the country
mohammed_ab

Pula Secures Funding from Global Investors to Support Smallholder Farmers in Africa and... - 0 views

www.accion.org/rmers-in-africa-and-south-asia

Pula Agriculture Insurance Weather Risk

shared by mohammed_ab on 10 Feb 21 - No Cached
  • At Pula, we are radically restructuring agricultural insurance, using technology to insure the previously unbanked, uninsured, untapped market of 1.5 billion smallholders worldwide. We work in nine countries across Africa and Asia, and in 2017 alone, we facilitated crop and livestock insurance cover to 611,000 farmers in Kenya, Rwanda, Uganda, Nigeria, Ethiopia and Malawi.
    • nourserghini
      nourserghini on 10 Feb 21
       
      Pula serves many African countries such as Ethiopia, Kenya, Rwanda, Uganda, Nigeria and Malawi.
  • Pula uses satellite data and farm yield measurements to understand how weather patterns affect a smallholder farmer’s yield, and uses this information to automate compensation in case of loss. The company also provides farmers with targeted agronomic advice via SMS messaging, helping them grow more from their existing landholdings.
  • Insurtech startup Pula announced today that it has closed a seed funding round to advance its efforts to provide insurance to smallholder farmers in Africa and South Asia.
  • ...1 more annotation...
  • This injection of funds will enable Pula to invest further in its technology platform and service offerings.
  • hichamachir on 12 Feb 21
     
    I like the way Pula uses the latest technology in order to understand the weather and the possible problems that farmers might find. This is a very good strategy because farmers feel that Pula is doing its best to deliver the best insurance possible for them.
  • mohammed_ab on 13 Feb 21
     
    This excerpt shows that Pula has secured new funding to invest more in its technology. This is good news for its customers as they will benefit from better technology and more product offerings.
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